This report titled “Lubricants Market - Growth, Future Prospects, and Competitive Analysis, 2023 – 2030” offers strategic insights into the trends in lubricants market along with the market size and forecast for the duration 2023 to 2030. The said research study incorporates in-depth analysis of multiple market segments based on product type, application and geographical distribution.
The global lubricants market is becoming increasingly competitive with growing number of mergers and collaborations between market players to expand their production capabilities to meet the demand for lubricants. In addition, several players are also focused on developing their niche in the market. Rapid growth of this market has also resulted in creating further skilled job opportunities in major hubs spread across North America, Europe, Latin America, Middle East & Africa and Asia Pacific.
Based on product type, the global lubricants market is categorized into mineral oil lubricants, synthetic lubricants, bio-based lubricants and greases. On the basis of application, the global lubricants market is categorized into transportation, industrial and others. In addition, lubricants manufacturing companies, distributors and academic organizations form the major client types for lubricants market.
Based on the product type, the global lubricants market is segmented as follows:
On the basis of product type, the global lubricants market can be segmented into mineral oil lubricants, synthetic lubricants, bio-based lubricants and greases. In 2020, mineral oil lubricants segment accounted for the largest share in global lubricants market and is projected to maintain their dominance during the forecast period. Easy availability of mineral oil lubricants along with low prices are the factors projected to drive the growth of the segment during the forecast period. Greases segment is anticipated to witness the fastest growth over the forecast period owing to increasing demand form manufacturing facilities is expected to drive the demand of greases over the forecast period (2023-2030).
Based on the application, the global lubricants market is segmented as follows:
On the basis of application, the global lubricants market can be segmented into transportation, industrial and others. In 2020, transportation was observed to be the largest application segment and is projected to maintain their dominance during the forecast period. Growing use of lubricants in commercial vehicles, passenger vehicles, and other industries such as aviation and marine is anticipated to drive the demand for the lubricants over the forecast period. Industrial segment is anticipated to account for significant share in the global lubricants market and expected to witness significant growth during the forecast period. Expansion and installation of new manufacturing facilities is anticipated to spur the demand for the lubricants especially in key manufacturing regions.
On the basis of geography, global lubricants market can be segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In 2020, Asia Pacific accounted for the largest share in global lubricants market and is projected to maintain its dominance during the forecast period. Rapid growth in disposable income fueling the demand for the automobiles in the region which in turn is driving the demand for the lubricants in the region during the forecast period. Followed by it, North America stood at second position accounted for significant share in the global lubricants market in 2020. High volume of automobile sales along with robust international trade from the region is anticipated to drive the demand for lubricants in the region during the forecast period (2023-2030).
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Lubricants market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
